Published on 1/24/2017 in the Prospect News Structured Products Daily.
New Issue: JPMorgan sells $1.09 million autocallable contingent interest notes on S&P, Russell
By Devika Patel
Knoxville, Tenn., Jan. 24 – JPMorgan Chase Financial Co. LLC priced $1.09 million of autocallable contingent interest notes due Jan. 25, 2019 linked to the lesser performing of the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.
The notes are guaranteed by JPMorgan Chase & Co.
Each quarter, the notes will pay a contingent coupon at an annual rate of 8% if each index closes at or above its trigger level, 70% of its initial level, on the review date for that quarter.
The notes will be called at par plus the contingent coupon if each index closes at or above its initial level on July 20, 2017, Jan. 22, 2018 or July 20, 2018.
The payout at maturity will be par unless either index finishes below its 70% trigger level, in which case investors will lose 1% for each 1% decline of the worse performing index.
J.P. Morgan Securities LLC is the agent.
| Issuer: | JPMorgan Chase Financial Co. LLC
|
| Guarantor: | JPMorgan Chase & Co.
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| Issue: | Autocallable contingent interest notes
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| Underlying indexes: | S&P 500 and Russell 2000
|
| Amount: | $1,085,000
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| Maturity: | Jan. 25, 2019
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| Coupon: | 8% annualized, payable quarterly if each underlying index closes at or above coupon level on quarterly review date
|
| Price: | Par
|
| Payout at maturity: | Par plus final coupon unless either index finishes below trigger level, in which case 1% loss for each 1% decline of worse performing index
|
| Call: | At par plus contingent coupon if each index closes at or above initial level on July 20, 2017, Jan. 22, 2018 or July 20, 2018
|
| Initial levels: | 2,271.31 for S&P and 1,351.848 for Russell
|
| Trigger levels: | 1,589.917 for S&P and 946.2936 for Russell; 70% of initial levels
|
| Pricing date: | Jan. 20
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| Settlement date: | Jan. 25
|
| Agent: | J.P. Morgan Securities LLC
|
| Fees: | 0.45%
|
| Cusip: | 46646QUK9
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